A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

October 04, 2007

Orangelo's PR consultants are trying to pump up his soon-to-be-laid-off employees by making them take "loyalty oaths", while oddly wearing green (why not orange?) "Protect our House" wristbands and launching a crisis-management PR offensive aka "crusade". They've declared "NOW IT'S PERSONAL" and "WE'RE NOT GOING TO TAKE IT!".

Orangelo, you screwed America by pushing toxic loans on the ignorant masses because they paid you more than conventional loans. You earned huge commissions as you insider-traded your company's stock while directing your company to buy shares on the open market to prop up the price.

You are a pig, you are a leech, and you are the representation of everything that is wrong with American business today. Now indeed it is personal - and there are millions of Americans who want to see your orange ass hauled to jail today. Or worse. IF indeed you're being unfairly attacked and you believe in your company, here's a suggestion:

Buy a share of your own stock. Or set aside a few hundred million of your ill-gotten gains into a Countrywide Customer and Ex-Employee Assistance Fund. Yeah, I didn't think so.

Here's HP'er Seth Jayson at Motley Fool on the bizarre goings-on at Countrywide. Enjoy. And someone get me one of those wristbands! (note I'm short CFC via Oct puts)

Countrywide CEO Angelo Mozilo -- the aforementioned butcher's son -- might be right about things being "personal," but he's completely misguided on the identity of the victims in this story. It ain't Countrywide, and it ain't Mozilo.

But for all those poor souls that were bum-rushed into risky loans during a dangerous housing bubble, and who may lose them as interest rates reset, this is now intensely personal. There are few things more personal than the danger of being tossed out of your home because you can't afford the gimmicky loan you little understood, and whose risks you weren't prepared to assume.

But you're not fooling anyone, Mr. Mozilo. We know exactly what you did during this bubble: You fanned the flames while cashing out hundreds of millions of dollars, leaving everyone else holding the bag, including 12,000-plus employees who are getting the ax while you enjoy those millions.

49 comments:

Wow, just wow. I thought America couldn't sleaze any lower. This is both fun and funny at the same time. It's like watching a woolly mammoth thrash around while sinking into a tar pit, the amusement factor is way up there (sorry mammoth). Strip your employees of every last shred of dignity. Force them to lick the corporate fascist boot while the criminal upper class decides whether or not to can them. The sick smell of death surrounds CFC.

Loyalty Oaths, Humm. I recall many a failing regime demand such of their military and citizenry when they are in the throws of going under.

View it as a signal of a last gasp of a corrupt corporation.

The 100's of millions of profits Orangzilo "obtained" from insider trading could help 100's of FBs who used his toxic loan services. It would not even scratch the surface but it would be symbolic and just.

I'm just having a difficult time associating this topic and the ads of homeownership. You know, the picture of the two parents and a few kids smiling and playing on the perfectly manicured front lawn, along with the nice white picket fence.

However, Keith's pic of the two animals in that position really would be the perfect picture in all real estate ads going forward. I couldn't have chosen a better picture myself.

I was blown away a few year ago after learning about the rules of influence that have been developed to control sheeple.

I can tell that many who post here are familiar with these concepts, perhaps some even work in an industry like PR, where they are as basic as math is to engineering. But if your not familiar check out this book.

It will shock you to learn what's going on in the sheeple brain. Like for instance, they can be influenced by taking an oath and wearing bracelets. Commitment and Social Proof are what these are called in the mind control biz.

If the link doesn't work go to amazon and search for Influence: The Psychology of Persuasion.

So the little minions get screwed again, what is new.The big money has been made people.Now the sheeple are left holding the bag just like every other bust.Now the crooked politicians are wondering what happened and trying to save their jobs with a bunch of new stupid laws for the sheeple.

A lot of people made a fortune in the housing boom.Now they get to buy home at 50% off and wait for the next bull run why they rent to the sheeple. I like this business model myself. Countrywide was trying to make a buck just like everyone else.

Countrywide Financial Corp. was ordered Wednesday to open its books and records to assist an investigation into possible manipulation of stock option grants to executives.

The order came as part of the Louisiana Municipal Police Employees' Retirement System lawsuit filed in Delaware Chancery Court last year that accused the Calabasas lender of a “statistical correlation” between some grants and short-term stock price increases.

It's hard to believe claims that companies unjustly enrich their managers by granting stock options at times when they know they will be most profitable to executives. Crimes of this type would enrich greedy executives, steal employee and stockholder investments and ultimately kill the company.

The last person we would expect to engage in criminal stock manipulation would be Countrywide's Big Orange!

Countrywide CEO Angelo Mozilo has high friends in big places. We must maintain loyalty to our beloved leader until this witch hunt ends in his total vindication. These charges of impropriety will soon vanish like a fart in a whirlwind.

the bitter renter have turned into bitter bitchers....wahhh wahhh wahhh countrywide made money and i still live in my mommie's basement...wahhh wahhh wahhh...send the evil man to jail because he dared make a profit...wahhh wahhh wahh

I don't like Mozilo anymore than the next guy here Keith. In fact, it would'nt bother me at all if some disgruntled stock holder walked up to him on the street and blew Mozilos head completely off of his shoulders. BUT, lenders, brokers and loan officers DON'T (or should I say did'nt?) get paid more on toxic loans. What makes you continue to think that?

Housing prices have *far* out-paced saleries,as well as ever increasing prices on food and energy.

I was glad to here Mr. Paul's speech where he addressed these very points - yet it was pathetic to see so much indifference amoung the other members - include Bernanke - at this meeting.

As long as this is the case, housing will never be affordable for the greater US population, and many people who do have houses will literally be working like dogs just to stay in them - that certainly isn't an American dream.

"the bitter renter have turned into bitter bitchers....wahhh wahhh wahhh countrywide made money and i still live in my mommie's basement...wahhh wahhh wahhh...send the evil man to jail because he dared make a profit...wahhh wahhh wahh"

I'm really surprised, and I suppose on a sinister level somewhat disappointed, that the Mozilo's of the world don't mysteriously end up dead in an alley somewhere. If I was a CFC employee, naive enough to bank my retirement on the company stock and soon to be laid off while Mozilo enjoys the spoils of wealth, I'd certainly be considering martyrdom through certain populous modifications in benefit future generations.

What's the problem??? Mozillo is a poster boy for hp - he's been following our party line for 2 years - GET OUT NOW - SELL, SELL,SELL, I wouldn't be surprised if he is short CFC himself... we should be proud to have such an esteemed CEO on our side.

honica jewinski, of course they make more with toxic loans.. because the fact that someone needs to resort to that means they were not in the position to buy a house in the first place!

so lets see... person "buys" NO house because there is no toxic loan available = countrywide makes NO money at all

person "buys" a house, pays some money until the house gets taken away, plus countrywide gets to say "ooh look we have an increase in mortgages!" while orangelo's stocks go up = orangelo / select few at cfc makes money!

"the bitter renter have turned into bitter bitchers....wahhh wahhh wahhh countrywide made money and i still live in my mommie's basement...wahhh wahhh wahhh...send the evil man to jail because he dared make a profit...wahhh wahhh wahh"

So when exactly does your ARM reset?

October 04, 2007 4:47 PM

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No ARM here renter boy. 20 year fixed @ 5.35% which I got in 2003 right before the boom really took off here. My total payment for a 3200 sq ft home with a pool on 3/4 acres is $1900 including insurance, HOA, etc. I also save about $500 a month in taxes making my monthly costs $1400 give or take.

Renting the same home down the street would cost $2500 with no tax deduction today.

And 16 years from now when that rental is $5000 my my only cost will be HOA and property tax, maybe $1000 a month by then plus I will own a home free and clear.

Anonymous said... "the bitter renter have turned into bitter bitchers....wahhh wahhh wahhh countrywide made money and i still live in my mommie's basement...wahhh wahhh wahhh...send the evil man to jail because he dared make a profit...wahhh wahhh wahh"

So when exactly does your ARM reset?

Well, many HP'ers are in a better position then many (no ARM resets or ongoing monthly mortgage payments to make), but that doesn't mean we shouldn't *all* be sympathetic to those caught in the middle of this housing crisis - and that naturally applies for you as well.

Just remember that it is short-term (quick-profit) thinking that has now lead to this national crisis. Whether US citizens own, rent or house debt, they will be hit with costs they shouldn't have to be paying - for the long term.

Don't forget that Bush-Cheney also required people attending rallies etc. to sign a loyalty oath - in fact, that was the first thing that popped into my head when I read Countrywide was doing the same....

I, the juiciest of Countrywide-Style Orange Suits, pledge a major PR operation.

We expect all our associates to wear their proud color-of-money plastic armband and convey confidence and aggressive salesmanship in all our dealings. We expect our employees to give 100%. No other competing armbands allowed, even if your mother has cancer. (* there will be a $4.99 payroll deduction per armband)

I pledge that when faced by personal attacks against our integrity, we expect all of you to deny everything and respond with counteraccusations. They just hate us because we're successful.

I pledge that when faced with document discovery, your management will take no responsibility for any 'cleansing' of records which may take place. All employees are required to abide by the corporate document retention policies. Of course any employee who reveals information detrimental to the company will be immediately dismissed for cause. We want only team players to Protect My House.

I pledge that All Associates who have written loans which end up in any documented controversy or government investigation will be expunged from the company. In order to Protect My House.

I pledge that Countrywide will continue to compensate our Associates by maximum profitability standards regardless of regulatory noise. In order to Protect My House.

I pledge to maintain a positive and aggressive work culture. In this matter, cynical comments about management compensation and activities are inappropriate in your workplace. We expect unstinting loyalty from our American employees. (Please note that pension and retirement obligations are considered subordinated liabilites in the event of bankruptcy). Remember we can buy loyalty at 98c/hr in Costa Rica, and we will do so if necessary to Protect My House.

“There are few things more personal than the danger of being tossed out of your home because you can't afford the gimmicky loan you little understood, and whose risks you weren't prepared to assume.”--------------------------------Why did you sign your name on the dotted line for a loan that you didn’t understand? You know there is risk in committing yourself to something which you don’t comprehend, don’t you?

Man, these people must take some PERSONAL RESPONSIBILITY for their actions!

Keith, are you encouraging people to just walk away from their toxic loans and place all of the blame for it on the lenders?

Yes actually it is. $1900/mo. 20yr @5% in '03 wouldn't even buy the pool where I currently live, but it does get you a nice rental. Sold my place in bubbletown awhile back and now I'm thinking about moving back to flyovertown to pay cash for a place rather like you describe. The kicker is my equity is getting 5.4%, guaranteed at least in dollar terms, how’s your equity doing these days? I still seem to be gaining at a rather nice clip where I plan to buy, despite what Uncle Ben is doing. Believe it or not I actually hope he does cut rates again, the increase in mortgage rates to cover inflation is quite satisfying. Bring on the inflation.

BTW, what brings you around here; the overwhelming confidence that all is well?

Alot of the housing market was greed, but some of it was pure stupidity/ignorance. Our secretary was talking: "If I had to live there for alot of years, I think I'd want to make sure I had that much space"...talking about 5000+ sq ft house...for about $750K...on $35K/year...and she doesn't see where the logic in here is flawed.

I honestly didn't realize that there were people that dumb out there. Seeing this firsthand though, now I see how people pulled this off.

BREAKING NEWS KFC IS REPORTEDLY TRYING TO ACQUIRE CFC FOR AN UNDISCLOSED AMOUNT OF MONEY. UPON PURCHASING,KFC WILL THEN BE OFFERING A NEW LINE OF MOUTH WATERING CHICKEN."ORANGELO FRIED CHICKEN" SERVED WITH BAKED BEANS, AND WARM BUTTERED BISCUITS.

Oldest trick in the book: Use symbolism to brainwash the sheeple (wrist bands), appeal to emotion fallacy (favorite of GOP to fool the millions of idiots who inhabit this country and should never breed). Just pay attention when a GOP politicians or candidates come up with a sad story like "the poor family approach them", "the little children asked them"...all bull$hit to fool the morons and get elected to transfer the taxpayer money into the cronies' pockets. Hello Blackwater and Halliburton!

No ARM here renter boy. 20 year fixed @ 5.35% which I got in 2003 right before the boom really took off here. My total payment for a 3200 sq ft home with a pool on 3/4 acres is $1900 including insurance, HOA, etc. I also save about $500 a month in taxes making my monthly costs $1400 give or take.

Hey big shot Trump, just make sure you never get laid off, never get a divorce, and never get run over by a drunk in a big SUV or truck. Oh, and I hope that you or any of your family never get a debilitating illness either, because that wonderful insurance policy you think will make everything right is nothing but a bag of lies. How do I know? Studied and worked in the insurance industry. I've been around long enough to know that to play big shot attracts nothing but jinx. So enjoy while it lasts, financial wizard.

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